0
Yes, paying off your mortgage in full is a great idea as you can escape the loan and have peace of mind at night. You can also have more flexibility in your finances as you have no monthly mortgage payment to make.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
When is mortgage refinancing not a good idea?
Mortgage refinancing is not a good idea when you have had your mortgage for a long period of time.
Is paying mortgage off a bad idea?
Paying off your mortgages can negatively impact you at tax time. Some CPA's suggest their clients maintain a minimum balance on their mortgage in order to maintain their tax "write-offs". This downside may not outweight the benefits of having no mortgage payment.
What does extra mortgage payments do?
Do you mean paying MORE than your minimum payment? Paying more than your minimum payment is a good idea on your mortgage, if you can afford it. It will decrease the amount of time you have your mortgage and lower the overall amount of money you end up paying towards interest. Paying extra on your loan creates more savings the earlier you do it. Example: On a 300,000 loan at 5% for 30 years, paying $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. That is a huge cost savings to you.
Do you need financial planner?
An individual does not have to have a financial planner, but it's a good way to go as they help you make the most of your investments right through to if it's a good idea to take out a loan. They can help you sometimes in paying off your mortgage sooner.
How does one apply for a mortgage loan if they have bad credit?
It is not a good idea for one to apply for a mortgage loan if they have bad credit. If one goes to a bank or financial institution for a loan, a mortgage specialist will advise them that they will need to increase their score in order to be approved for a mortgage. One can increase their score by making payments on time, paying off old debts and not applying for new loans.
Can a co owner remove the other co owner from the title but not from the deed of trust?
No. A co owner cannot "remove" the other co owner from the title. If you want their interest they must transfer it to you voluntarily by executing a deed. However, that is not good idea if they are on the mortgage because they will remain responsible for paying the mortgage.
Does temp affect magnets?
Yes, paying off your mortgage will be a great idea! You will save all the interest that is left in the remaining years!
Are interest only mortgages a good idea?
No, why would you want to pay for interest only on a mortgage and not the principle. In order to pay the mortgage off you have to pay on the principle.
Why should you file a mortgage with a bank?
It is a good idea for someone to file a mortgage at a bank, especially if this bank is one that the person already has been doing business with. The reason that it is a good idea is that rates can be better for them, they can easier combine payments for their mortgage right from their bank account, as well as knowing the people that are taking care of one's mortgage such as the bank manager or the tellers that one sees on a regular basis.
Where can you find emc mortgage in Missouri?
There may not be an EMC Mortgage in Missouri. The company has been involved in a lot of controversy, and it wouldn't be a good idea to bank through them anyways. Consider a mortgage through a local bank.
Can you use your home to obtain a loan from a bank?
Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.Yes. You can only get a mortgage if you own the home.
Is getting a reverse mortgage a good idea?
A reverse mortgage is for older individuals to borrow against their homes. This allows them to not have to sell there home and the bank to make monthly payments to the owner.
